Block A, 97a White Hart Lane, Barnes, London, SW13 0JL Long let Nursery in Barnes (New 15 year lease with RPI linked reviews)
Investment Highlights Offers in excess of • Newly constructed nursery let on a new 15 year lease £1,310,000 • Prominently situated in the affluent area of Barnes, London • 2,789 sq ft arranged over four floors • New 999 year lease at a peppercorn rent • New 15 year lease (tenant’s break option in Year 10) to Income Trilium Ltd (t/a My Sunshine Day Nursery & Pre School) £80,000 • Rent of £80,000 per annum • 5 yearly rent reviews to the higher of RPI (cap and collar of 2% and 4%) and the open market rent • Long-term alternative use potential • Excellent transport links being located 0.4 miles from Barnes NIY Bridge Station and 0.6 miles from Mortlake 5.76% Location Situation Barnes is an attractive and affluent area of south The property is situated to the south west of Barnes west London situated in the London Borough of district, fronting onto White Hart Lane, Richmond Upon Thames. approximately 5-minute walk from Barnes Bridge Station. Barnes is approximately 7 miles south west of Central London with Richmond located to the west, The local area comprises predominantly residential Chiswick to the north west, Putney to the east and property with excellent schools in the vicinity, Roehampton to the south. including Barnes Primary School, located only a 3- minute walk from the property. Road communications are excellent with the A205 south circular to the south and A4 to the north. The property has quick access by road to the South Circular and M4, offering onward connections to the M25 and South West via the M3.
There are rail services at Barnes Bridge and Mortlake providing regular direct trains to London Waterloo with journey times of 20 minutes.
Barnes is an affluent area with 75% of the population categorised as Class 1 (Managers & Senior Officials), Class 2 (Professional Occupations) and Class 3 (Professional & Technical). Description Tenure The property comprises a nursery unit arranged over The property is held on a new 999 year basement, ground, first and second floors within a newly long leasehold interest at a peppercorn built mixed-use development known as Brookfield Mews. rent. The property faces onto White Hart Lane and benefits from excellent prominence.
The Gross Internal Area of the property is 2,789 sq ft. Floor plans are available upon request.
Tenancy The property is let on a new 15-year lease to Trilium Ltd (t/a My Sunshine Day Nursery & Pre School), with a tenant’s break option in Year 10.
The rent is £80,000 per annum, which is subject to 5 yearly upwards only rent reviews to the higher of RPI (annually compounded) with a cap and collar of 2% - 4% and the open market rental value. Tenant will provide a rental deposit equal to three months’ rent.
Covenant Information My Sunshine Day Nursery & Pre School (mysunshine-daynursery.com) is a family owned and run, day nursery based in Mortlake, SW London. An existing nursery is run by a dedicated professional team based near Mortlake Station. In April 2019 the tenant was awarded a coveted ‘Top 20 Award’ by daynurseries.co.uk, identifying it as one of the top 20 nurseries of its size in London. My Sunshine use all the latest approaches to optimise their business, including use of the FAMLY nursery business management platform. The acquisition of the subject property forms part of the tenant’s plans to extend their operations.
Trilium Ltd has a Risk Disk Experian Score of 76 and a rating of ‘Below Average Risk. EPC
Available upon request.
Dataroom
Legal documents are available for viewing in the following data room: https://datarooms.allsop.co.uk/register/barnesnursery
VAT
We understand the property has been elected for VAT. It is anticipated that the sale will be treated as a Transfer of Going Concern (TOGC).
Proposal
We are instructed to seek offers in excess of £1,310,000 (One Million Three Hundred and Ten Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level provides a Net Initial Yield of 5.76% and a Minimum Reversionary Yield of 6.36% assuming purchaser costs of 6%.
Contacts
Gergo Petrovics James Salmon
(0)20 7543 6847 (0)20 7543 6880 [email protected] [email protected]
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP.